IMAX Corporation and Wanying Cinema Line, a subsidiary of China Resources Land, one of China's largest state-owned commercial developers, today announced an agreement for 14 new IMAX theatres. The theatres will feature IMAX with Laser and are expected to open between 2018 and 2021. This agreement brings the total number of contracted IMAX theatres in Greater China to more than 900.
The IMAX theatres will be installed in new MixCine branded multiplexes within China Resources Land's new luxury shopping centers, a majority of which will be located in tier one and tier two cities. Chongqing and Taiyuan MixCine IMAX theaters will be opened on September 15, installed with the next generation IMAX with Laser system. Additionally, the parties signed their first agreement for an IMAX theatre earlier this year, which opened in March, bringing the total IMAX commitment of Wanying Cinema Line, the subsidiary of China Resources Land, to 15 theatres.
"We are pleased to build on this new partnership with China Resources Land, China's most influential integrated urban developer and operator, that will leverage our premium brand and The IMAX Experience as the anchor attraction for its luxury shopping complexes,” said IMAX CEO Richard L. Gelfond. "IMAX is now more entrenched than ever in the fabric of China's cinema industry as we continue to expand our network through forging partnerships with the nation's leading developers, exhibitors and studios and by presenting a growing number of Chinese blockbusters. These factors, coupled with today's agreement, reinforce our confidence in the China market and the growth opportunities that lie ahead to bring consumers a premium experience."
"Over the years, we've witnessed the success of IMAX to drive foot traffic to multiplexes in many of our luxury malls across China. When we launched our own cinema business earlier this year, we immediately knew that IMAX would serve as our flagship entertainment attraction at our new cinema complexes as well as the luxury shopping centres where they will be located. To date, we have been impressed by the performance of our first IMAX theatre in Shenzhen," said Linkang Yu, Vice President who is responsible for Commercial Real Estate, China Resources Land Limited. "Our goal is to deliver premium retail and entertainment experiences throughout China. IMAX's ground-breaking laser technology, premium brand and increasing slate of Chinese blockbuster movies will help us to deliver on this promise."